VWO vs SPY

Comparison between VANGUARD EMERGING MARKETS STOCK INDEX FUND ETF SHARES (VWO, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed VWO, delivering a return of +13.3% compared to +5.8%

VWO vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	VWO(ETF)	SPY(ETF)
Net Assets	$146B	$652B
Expense Ratio	0.06%	0.09%
Max Drawdown	68.28%	56.47%
Sharpe Ratio	1.80	2.07
5Y Beta	0.70	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	16.14%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

VWO

$146B

Winner

SPY

$652B

Expense Ratio

Winner

VWO

0.06%

SPY

0.09%

Max Drawdown

VWO

68.28%

Winner

SPY

56.47%

Sharpe Ratio

VWO

1.80

Winner

SPY

2.07

5Y Beta

Winner

VWO

0.70

SPY

1.00

P/E Ratio

VWO

N/A

SPY

28.24

Forward P/E

VWO

N/A

SPY

21.85

5Y Dividends CAGR

Winner

VWO

16.14%

SPY

5.43%

5Y EPS CAGR

VWO

N/A

SPY

25.79%

Debt to Equity

VWO

N/A

SPY

22.35%

P/S Ratio

VWO

N/A

SPY

3.55

P/B Ratio

VWO

N/A

SPY

5.29

VWO vs SPY - Holdings Comparison

VWO and SPY have 0 common holdings. Overlap is 0.00%

VWO's top 25 holdings weight is 1.68%. SPY's top 25 holdings weight is 51.32%.

Rank	VWO	SPY
#1	PDD HOLDINGS INC ADR (PDD) - 0.79%	NVIDIA CORP (NVDA) - 8.45%
#2	YUM CHINA HOLDINGS INC (YUMC) - 0.20%	APPLE INC (AAPL) - 6.48%
#3	ANGLOGOLD ASHANTI PLC (AU) - 0.13%	MICROSOFT CORP (MSFT) - 5.20%
#4	KE HOLDINGS INC ADR (BEKE) - 0.13%	AMAZON.COM INC (AMZN) - 4.14%
#5	TENCENT MUSIC ENTERTAINMENT GROUP ADR (TME) - 0.10%	ALPHABET INC CLASS A (GOOGL) - 3.32%
#6	FULL TRUCK ALLIANCE CO LTD ADR (YMM) - 0.09%	BROADCOM INC (AVGO) - 3.09%
#7	KANZHUN LTD ADR (BZ) - 0.06%	ALPHABET INC CLASS C (GOOG) - 2.65%
#8	ITAU UNIBANCO HOLDING SA ADR (ITUB) - 0.05%	META PLATFORMS INC CLASS A (META) - 2.40%
#9	CHUNGHWA TELECOM CO LTD ADR (CHT) - 0.04%	TESLA INC (TSLA) - 1.73%
#10	BANCOLOMBIA SA ADR (CIB) - 0.03%	BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.43%
#11	DR REDDY'S LABORATORIES LTD ADR (RDY) - 0.03%	JPMORGAN CHASE & CO (JPM) - 1.37%
#12	STATE BANK OF INDIA DR (SBKFF) - 0.03%	ELI LILLY AND CO (LLY) - 1.13%
#13	N/A	EXXON MOBIL CORP (XOM) - 1.03%
#14	N/A	MICRON TECHNOLOGY INC (MU) - 0.93%
#15	N/A	WALMART INC (WMT) - 0.91%
#16	N/A	JOHNSON & JOHNSON (JNJ) - 0.90%
#17	N/A	ADVANCED MICRO DEVICES INC (AMD) - 0.86%
#18	N/A	VISA INC CLASS A (V) - 0.85%
#19	N/A	COSTCO WHOLESALE CORP (COST) - 0.72%
#20	N/A	MASTERCARD INC CLASS A (MA) - 0.67%
#21	N/A	INTEL CORP (INTC) - 0.65%
#22	N/A	NETFLIX INC (NFLX) - 0.64%
#23	N/A	CATERPILLAR INC (CAT) - 0.62%
#24	N/A	CHEVRON CORP (CVX) - 0.58%
#25	N/A	PROCTER & GAMBLE CO (PG) - 0.57%
Total Holdings	12	505

VWO vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	VWO	SPY
1 month	+7.15%	+9.11%
3 months	+4.83%	+6.59%
6 months	+13.16%	+10.56%
1 year	+35.49%	+32.04%
5 years(CAGR)	+5.83%	+13.35%
10 years(CAGR)	+9.42%	+15.49%
Max(CAGR)	+7.04%	+8.50%

VWO

+7.15%

Winner

SPY

+9.11%

VWO

+4.83%

Winner

SPY

+6.59%

Winner

VWO

+13.16%

SPY

+10.56%

Winner

VWO

+35.49%

SPY

+32.04%

5Y(CAGR)

VWO

+5.83%

Winner

SPY

+13.35%

10Y(CAGR)

VWO

+9.42%

Winner

SPY

+15.49%

Max(CAGR)

VWO

+7.04%

Winner

SPY

+8.50%

VWO vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	VWO	SPY
2026	+10.21%	+8.27%
2025	+25.92%	+18.00%
2024	+11.89%	+25.59%
2023	+8.10%	+26.72%
2022	-18.57%	-18.64%
2021	+0.83%	+30.52%
2020	+12.51%	+17.28%
2019	+20.22%	+31.09%
2018	-16.21%	-5.24%
2017	+30.06%	+20.78%
2016	+15.49%	+13.59%
2015	-14.83%	+1.31%
2014	+3.56%	+14.56%
2013	-6.87%	+29.00%
2012	+15.81%	+14.17%
2011	-19.55%	+0.85%
2010	+15.52%	+13.14%
2009	+67.34%	+22.67%
2008	-52.35%	-36.25%
2007	+36.37%	+5.32%
2006	+25.21%	+13.85%
2005	+23.53%	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

VWO vs SPY Drawdown Comparison

The maximum drawdown for VWO was -67.69%, occurring on Nov 20, 2008. Recovery took 2482 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current VWO drawdown is -0.35%.

Rank	VWO	SPY
#1	-67.69% Oct 31, 2007 - Sep 11, 2017	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-36.39% Jan 26, 2018 - Nov 16, 2020	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-34.30% Feb 17, 2021 - Jun 26, 2025	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-25.99% May 9, 2006 - Dec 4, 2006	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-18.05% Jul 23, 2007 - Sep 21, 2007	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-11.61% Feb 22, 2007 - Apr 3, 2007	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-11.17% Feb 25, 2026 - Apr 17, 2026	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-11.00% Sep 30, 2005 - Nov 18, 2005	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-9.79% Mar 10, 2005 - Jul 11, 2005	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-6.63% Feb 1, 2006 - Apr 3, 2006	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-5.39% Jan 3, 2007 - Jan 24, 2007	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-4.98% Jan 21, 2021 - Feb 5, 2021	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-4.95% Oct 18, 2007 - Oct 26, 2007	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-4.84% Oct 29, 2025 - Jan 2, 2026	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-4.81% Aug 11, 2005 - Sep 6, 2005	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between VWO and SPY is 0.89 which considered as a strong positive correlation - the stocks tend to move together.

0.89

-101

Dividend Comparison (1999 - 2026)

VWO vs SPY dividend yield comparison.

Year	VWO	SPY
2026	0.00%	0.24%
2025	2.79%	1.07%
2024	3.20%	1.21%
2023	3.52%	1.40%
2022	4.11%	1.65%
2021	2.63%	1.20%
2020	1.91%	1.52%
2019	3.23%	1.75%
2018	2.88%	2.04%
2017	2.30%	1.80%
2016	2.52%	2.03%
2015	3.26%	2.06%
2014	2.86%	1.87%
2013	2.73%	1.81%
2012	2.19%	2.18%
2011	2.37%	2.05%
2010	1.69%	1.80%
2009	1.33%	1.95%
2008	5.00%	3.02%
2007	1.89%	1.85%
2006	1.73%	1.73%
2005	1.77%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%